Results 5,441-5,460 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: In 2012, €13.4 million was invested in 78 companies by 352 investors in respect of which the cost to the Exchequer was €4 million. In 2013, €42.4 million was invested in 190 companies by 1,028 investors, in respect of which the cost to the Exchequer was €12.4 million. In 2014, €62.7 million was invested in 239 companies by 1,395 investors, in respect of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I can throw some light on the Deputy's questions about jobs. Meaningful data in relation to the number of jobs supported should become available in 2016. Under the terms of the scheme, relief in respect of 30% of the amount invested in a qualifying company is granted to the investor in the year of investment. The balance is only due where it has been proven that employment levels have...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: No.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is four years.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: We do not have that detail. I am told that several investors would invest in a number of companies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The investments are made by funds and they are not separately identified. Therefore we would have to examine each case to have the level of data which the Deputy has talked about

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The investor puts money into a fund in the normal way for the purposes of investing. The fund managers have the knowledge of appropriate and fruitful investments. The target companies are SMEs. It is part of the general incentive package to get investment funds into SMEs. It seems to be working, even though it is a limited scheme.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I am told that investors can invest directly or they can use a fund, but fund investment seems to be more the practice. That is not to assume that they do not know much about investment. They might think the fund is manned by people who are very good at getting returns on investments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The relief is for building an extension to existing nursing homes, rather than for new nursing homes. The justification is that in parts of the country, particularly in certain areas of Dublin, but also in the greater Cork area, there is a shortage of nursing home places. It is an efficient use of a tax incentive to allow for the expansion of existing nursing home facilities rather than...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: No, it is an incentive for investment in extensions to nursing homes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The condition is that a nursing home, operating as a nursing home which proposes to build an extension, could use the appropriate funds under this scheme. We had a request from the Minister for Health to help extend the number of available beds in nursing homes to reduce pressure on the health system. We all know we have an ageing population and that nursing homes are part of the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is an incentive to investors to invest in the provision of extensions to nursing homes because at present that is considered to be good social capital. Investment in social capital in a targeted way is a good use for a tax break.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It will apply to private investment in private nursing homes. Many of them will be constructed as SMEs. There are some that are more extensive than that but I am not sure of their corporate arrangements. There are nursing home groups that have a number of nursing homes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: It is a relief for extensions to existing nursing homes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I understand the Department of Health commissioned Indecon to do a report on this and its recommendation was that this be extended to extensions to nursing homes. We are doing it at the request of the Department of Health.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I presume that is a matter for the Department of Health. Most reports are published.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I am not sure if it has been published.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 22:In page 17, to delete line 23 and insert the following:“17.(1) Section 598 of the Principal Act is amended—(a) in subsection (1)(a), by inserting the following definition:" "farm partnership’ means a milk production partnership or a registered farm partnership (within the meaning of section 667C);", and(b) in subsection (1)(d)(iib), by...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Devising an appropriate appeals mechanism that satisfies all necessary requirements is complicated and it is better that a carefully drafted section be included on Committee Stage rather than included at publication of the Finance Bill if it was subsequently realised it was not fit for purpose. This provision has been drafted in consultation with the Department of Agriculture, Food and the...